While the crypto market continues its correction, the DeFi sector sees substantial development activity. Santiment's report identified the top 10 DeFi projects by development.
Chainlink and Other Leaders
According to Santiment's analysis, Chainlink's Ethereum-based protocol saw the highest development with a score of 547.5. Despite this, LINK token fell over 22% to about $13.9, per CoinMarketCap. Other leaders include Uniswap and Injective.
DeFiChain and DeepBook Activity
DeFiChain had the second-highest development score at 265.3, though its token DFI dropped over 40% to $0.0069. Third is DeepBook on Sui with a score of 254.17, also seeing significant depreciation of its token DEEP.
Development of Coinbase and Other Protocols
Synthetix recorded a score of 195.13, while Coinbase Wrapped Bitcoin ranked fifth with 148.3 after launching on Ethereum. Lido Finance and Liquidity also showed notable development, particularly their tokens LQTY and LUSD.
The analysis indicates that despite the bearish crypto market, DeFi projects continue to develop robustly, pointing towards potential sustained growth and interest in decentralized innovations.
